P&S Market Research, a market research and consulting company located in New York, recently published a report that indicates that there is an “increasing demand for smokeless and ashless vaping” and an increase in vapour stores, Global Newswire reported. In 2017, the e-cigarette market size was an estimated USD 14 billion and it “will grow at a CAGR of 20.3% during 2018–2023”, according to the summary of the report.
The e-cigarette market consists of cig-a-like, vaporizer, vape mod, t-vapour and aftermarket products such as chargers and cartridges. The t-vapour market, which includes both heat-not-burn and infused products, is forecast to reach a 60 per cent increase during 2018-2023, Global Newswire reported.
“Growing awareness on health in consumers and increasing number of vape shops and designated stores have been the key drivers for the e-cigarette market growth globally,” as stated in the summary of the report. A further growth driver is the innovation and development of vaping technology. Due to this growing trend, traditional tobacco manufacturers are partnering with larger corporations and investing in the e-cigarette market.
Of the regions included in the report, Asia-Pacific is expected to have the largest growth during the forecast period. The considerable population size and development in the region are increasing the demand of these products, Global Newswire reported. In 2017, North America had the largest market share at an estimated size of USD 5.9 billion.